Business

Argentine fintech Ualá begins its expansion across Latin America with the launch of operations in Mexico

Ualá is targeting the unbanked people, as more than half of Mexicans don't have a bank account

Head of Public Relations in Ualá, Julieta Biagioni. Photo: Ualá/Courtesy
  • Ualá says it is coming to Mexico to change Mexican’s financial lives;
  • In Argentina, Ualá soared amid the COVID-19 pandemic.

The SoftBank-funded Argentine fintech Ualá begins its expansion in Latin America. On Tuesday, it announced the launch of its operations in Mexico, aiming to serve the unbanked population: “A market where only 47% have a bank account”, it said.

READ ALSO: Argentina’s fintech Ualá doubles the number of cards issued in 10 months

Ualá says it is coming to Mexico to change Mexican’s financial lives and provide a free mobile app linked to an account and an international Mastercard debit card, without issuance, renewal, maintenance and closing costs. It will be available on iOs and Android for anyone in Mexico over 18 years. “It will allow them to manage money in an easier, simpler, more secure and 100% digital way”, the company said.

READ ALSO: Brazilian Nubank to arrive in Colombia soon, says La República

Ualá will face a tough rival in Mexico: the Brazilian unicorn Nubank, that is also running the fintech race for Latin America operations and may soon arrive in Colombia.

In Mexico, Ualá hopes to replicate the success it has been experiencing in Argentina, where earlier this year it doubled the number of cards issued in 10 months, from 1 million to 2 million.

Get the best insights about Latin America market in your inbox